Page 9 - Microsoft Word - KingsAndCo Brochure_Including_Back_Cover
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Preparing Your Property Preparing Your Property –– Regulations (Continued)Regulations (Continued)
Preparing Your Property reparing Your Property –– Regulations (Continued)Regulations (Continued)
Energy Performance Certificate
Before your property is marketed it must have an Energy Performance Certificate.
st
From 1 April 2016, a tenant will be able to request consent to install energy efficiency
measures at their property, as long as the measure is one of those listed in the Schedule
of the Green Deal (Qualifying Energy Improvements) Order 2012, or is to connect the
property to the gas network. The tenant must also have a way of funding the measure at
no cost to the landlord, such as through Green Deal finance, Government grants or
incentives, ECO, other grant funding, or paying for the measures themselves.
This is a separate regulation to the new energy performance rules, which will require all
private rental properties to be brought up to an Energy Performance Certificate (EPC)
st
rating of at least an E from 1 April 2018.
Tax
Any rent received may be subject to tax and we recommend that you discuss this with a
qualified person. Landlords are allowed to make deductions from income before
calculating profit, below is a list of some of these deductions.
Commission and management fees, tenancy agreement fees and inventories
Interest on a mortgage
Cleaning
Council tax on vacant possession
Water rates on vacant possession
Building and contents insurance, repairs and maintenance
Wear and tear on furnished properties
VAT on all charges where applicable.
Overseas Landlords
A Landlord is considered an overseas Landlord for tax purposes if they are out of the
Country for more than six months in any tax year. The tax system for overseas Landlords
is dealt with through the HMRC department called Charity, Assets and Resident –
Residency. You must apply for consent for us to pass on gross rental income without
any deductions. The Residency department will then issue an approval number. If there
are joint owners of a property then each individual must apply for an approval number.
Please ask for the correct forms for completion.
8
Preparing Your Property Preparing Your Property –– Regulations (Continued)Regulations (Continued)
Preparing Your Property reparing Your Property –– Regulations (Continued)Regulations (Continued)
Energy Performance Certificate
Before your property is marketed it must have an Energy Performance Certificate.
st
From 1 April 2016, a tenant will be able to request consent to install energy efficiency
measures at their property, as long as the measure is one of those listed in the Schedule
of the Green Deal (Qualifying Energy Improvements) Order 2012, or is to connect the
property to the gas network. The tenant must also have a way of funding the measure at
no cost to the landlord, such as through Green Deal finance, Government grants or
incentives, ECO, other grant funding, or paying for the measures themselves.
This is a separate regulation to the new energy performance rules, which will require all
private rental properties to be brought up to an Energy Performance Certificate (EPC)
st
rating of at least an E from 1 April 2018.
Tax
Any rent received may be subject to tax and we recommend that you discuss this with a
qualified person. Landlords are allowed to make deductions from income before
calculating profit, below is a list of some of these deductions.
Commission and management fees, tenancy agreement fees and inventories
Interest on a mortgage
Cleaning
Council tax on vacant possession
Water rates on vacant possession
Building and contents insurance, repairs and maintenance
Wear and tear on furnished properties
VAT on all charges where applicable.
Overseas Landlords
A Landlord is considered an overseas Landlord for tax purposes if they are out of the
Country for more than six months in any tax year. The tax system for overseas Landlords
is dealt with through the HMRC department called Charity, Assets and Resident –
Residency. You must apply for consent for us to pass on gross rental income without
any deductions. The Residency department will then issue an approval number. If there
are joint owners of a property then each individual must apply for an approval number.
Please ask for the correct forms for completion.
8
